It can take a lot of time, effort, and money for iGaming businesses to get a new user to their website.
Yet, all too often, customers leave without spending a penny, and that’s not because the platform offered a poor selection of games. It’s because the depositing process was more complicated than they expected it to be, or because it outright failed.
The truth is that there are good payment processing platforms, and not-so-good ones. Making sure that your website has a good one is key to avoiding the pitfalls of poor payment processing, some of which we’ve outlined below.
Payments are Denied
Of all the reasons to lose a customer, their being unable to make a deposit is probably the worst. After all, they were already convinced, and yet they left right at the last moment. If they’d been able to make the deposit, then they might have become a customer who stuck with you for years.
Payments can be denied for a wide range of reasons, but not all of them are legitimate denials. A good gaming payment processing platform will attempt to process the payment through multiple routes, rather than just flatly denying the payment. Even if the first payment try wasn’t successful, the second one might be — and just like that, you’ll have saved yourself a customer.
You’re Subject to Chargeback Fees
Online casinos are at greater risk of chargebacks. A poor payment processor will simply accept the chargeback and charge you a fee. For that reason, it’s worthwhile looking for a payment processing platform that provides tools that allow operators to proactively manage chargebacks, including the ability to blacklist fraudsters.
They Don’t Help International Players
The iGaming industry truly is global, with players coming from all corners of the world. All too often, online casinos inadvertently drive those customers away by failing to offer payments in their own currency. A good gaming payment processing platform will allow you to charge your international customers in their currency, while making sure that you get paid in your currency. At a minimum, it’s best to look for a platform that offers support for more than 100 currencies, but it’ll be even better if there’s support for 175+ currencies.
They Can Have Downtime
The real test of a payment processing platform is how it works under pressure. A platform might work fine during the quieter periods, but if it buckles under capacity, then you’ll run the risk of losing out on significant revenue, especially if the downtime comes during the site’s busiest periods. For this reason, it’s best to work with a processor that has specific experience within the gaming industry, since they’ll be aware of when the processor needs to be working at its best — and make sure that it is.
It Can Cause Customer Churn
Finally, perhaps the biggest reason to avoid working with poor payment processing companies is that it can have a direct impact on whether a customer stays with you or leaves for a competitor. Ultimately, making a deposit should be easy!